What LunR Royalties does

LunR Royalties Corp. (TSX: LUNR) is a Vancouver-based publicly traded mining royalty and streaming company that was created via a statutory spin-out from NGEx Minerals Ltd. effective October 23, 2025. The company holds a portfolio of precious and base metals royalty and streaming assets, anchored by a life-of-mine silver stream on Lundin Gold's Fruta del Norte gold mine in Ecuador and supplemented by net smelter return (NSR) royalties on NGEx Minerals' Lunahuasi copper-gold-silver project in Argentina and the Los Helados copper-gold deposit in Chile. There is no proprietary technology platform; the company's assets are contractual interests in third-party mining operations.

LunR's revenue model combines usage-based streaming with fixed-rate royalty structures. The Fruta del Norte silver stream (effective March 1, 2026, with first delivery expected by end of Q2 2026) entitles LunR to purchase 100% of payable silver until 12.2 million ounces are delivered at 10% of spot price, 50% of payable silver until an additional 7.8 million ounces at 20% of spot, and 7.5% of payable silver for the remaining life-of-mine at 30% of spot price. NSR royalties are contractually fixed at 1.00% on Lunahuasi and 1.38% on Los Helados. Fruta del Norte is one of the world's lowest-cost major gold mines with 2026 production guidance of 475,000-525,000 oz gold and 500,000-600,000 oz payable silver, supported by P&P reserves of 25.7Mt grading 7.09 g/t Au and 10.77 g/t Ag (5.8Moz Au and 8.9Moz Ag).

LunR serves institutional and retail investors seeking precious metals production exposure without bearing the operational and capital cost risks of traditional mining. Distribution channels include the Toronto Stock Exchange (graduated from TSXV in June 2026) and a Swedish Depositary Receipt program administered by Pareto Securities AB to facilitate European ownership. With approximately 70 million shares outstanding trading near C$19.68, the company is projected to become the sixth-largest precious metals royalty and streaming company globally upon closing the Fruta del Norte transaction. Newmont Corporation holds approximately 13.32% following a dividend-in-kind distribution from Lundin Gold and is expected to appoint a board representative.

Name

LunR Royalties

Legal name

LunR Royalties Corp.

Website

https://www.lunrroyalties.com/

Company type

Public

Operating status

Operating

Headcount range

1–10 employees

Short description

LunR Royalties (TSX: LUNR) is a Vancouver-based mining royalty and streaming company that serves precious metals investors through a life-of-mine silver stream on Lundin Gold's Fruta del Norte mine and NSR royalties on Vicuña District copper-gold projects.

Ownership category

akta.pro rank

Product category

Mining Royalty and Streaming

NAICS

Gold Ore and Silver Ore Mining (212220)

SIC

Mineral Royalty Traders (6795)

akta.pro primary industry

Precious Metals Streaming, Royalties & Offtake (IMAKAEAF)

akta.pro secondary industry

Real Assets — Natural Resources & Minerals (Mining, Royalties/Streaming) (FSAHAIAK)

Keywords

• Mining royalty financing
• Precious metals streaming
• Silver stream agreements
• Royalty investment vehicles
• Mining sector royalties

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Silver Stream - Fruta del Norte: LunR acquires a life-of-mine silver stream on Lundin Gold's Fruta del Norte gold mine in Ecuador. The company purchases silver at staged percentages of spot prices: 100% of payable silver until 12.2 million ounces delivered at 10% of spot price; then 50% of payable silver until an additional 7.8 million ounces delivered at 20% of spot price; then 7.5% of payable silver for remaining life-of-mine at 30% of spot price. The stream became effective March 1, 2026 with first delivery expected by end of Q2 2026.
2. NSR Royalties - Lunahuasi and Los Helados: LunR holds NSR (net smelter return) royalties on NGEx Minerals' copper-gold exploration projects in the Vicuña District: 1.00% NSR on Lunahuasi (Argentina) and 1.38% NSR on Los Helados (Chile). These royalties provide exposure to potential future production from these large undeveloped copper-gold resources.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

LunR Royalties acquires and manages mining royalty and streaming interests on third-party mining and exploration projects, providing investors with exposure to precious-metals production without operational or capital-cost risk. Its anchor asset is a life-of-mine silver stream on Lundin Gold's Fruta del Norte gold mine in Ecuador, complemented by NSR royalties on NGEx Minerals' Lunahuasi (Argentina) and Los Helados (Chile) copper-gold projects in the Vicuña District.

Product overview

LunR Royalties is a mining royalty and streaming company with a portfolio comprised of: (1) a cash flowing life-of-mine silver stream on Lundin Gold's Fruta del Norte mine in Ecuador, and (2) NSR royalties on NGEx Minerals' Vicuña District exploration projects, Lunahuasi in Argentina and Los Helados in Chile. The company was spun out from NGEx Minerals in October 2025 and listed on the TSX Venture Exchange in December 2025, graduating to the TSX in June 2026.

Differentiator

Problem solved

Functional benefit

Products and services

• Fruta del Norte Silver Stream A life-of-mine silver stream on Lundin Gold's Fruta del Norte gold mine in Ecuador. LunR purchases 100% of payable silver production until 12.2 million ounces, then 50% until an additional 7.8 million ounces, then 7.5% for remaining life-of-mine, at 10-30% of spot silver prices. Provides cash-flowing precious-metals exposure from a Tier 1 producing mine.
• Lunahuasi Royalty A 1.00% NSR (net smelter return) royalty on the Lunahuasi copper-gold-silver exploration project located in San Juan Province, Argentina, 100% owned by NGEx Minerals. Provides exposure to future production from a world-class undeveloped copper-gold resource.
• Los Helados Royalty A 1.38% NSR royalty on the Los Helados copper-gold-silver porphyry deposit located in Region III, Chile, with 69% ownership by NGEx Minerals and 31% by Lundin Mining. Provides exposure to one of the largest undeveloped copper-gold resources in the world.
• Swedish Depositary Receipt (SDR) Program A time-limited Swedish depositary receipt program administered by Pareto Securities AB that facilitates distribution of LunR shares to Lundin Gold shareholders registered with Euroclear Sweden. SDRs can be converted to LunR common shares and transferred to CDS in Canada.

Quantifiable outcome

• FDN is one of the world's lowest cost major gold mines with 475,000-525,000 oz gold and 500,000-600,000 oz silver production guidance for 2026
• +2 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered support and core.

• Pareto Securities ABsupportImplementation/ SI/ Consulting Partner · 28 May 2026Pareto Securities AB serves as custodian for the Swedish Depositary Receipt (SDR) program, holding deposited LunR shares on behalf of Euroclear Sweden holders. The SDR program facilitates distribution to Lundin Gold shareholders who held shares through Euroclear Sweden and enables conversion to LunR shares in CDS Canada.
• Lundin Gold Inc.coreStrategic or Co-development Partner · 22 February 2026Lundin Gold is the owner and operator of the Fruta del Norte gold mine in Ecuador. LunR entered into a binding term sheet to acquire a life-of-mine silver stream for approximately $670 million in consideration shares. Upon closing, Lundin Gold distributes the consideration shares to its shareholders as a dividend-in-kind and will not hold any LunR shares following the distribution.
• NGEx Minerals Ltd.coreStrategic or Co-development Partner · 23 October 2025LunR was spun out from NGEx Minerals via statutory plan of arrangement effective October 23, 2025. LunR holds NSR royalties on NGEx's Lunahuasi (1.00% NSR) and Los Helados (1.38% NSR) projects in the Vicuña District. NGEx trades on TSX under symbol NGEX.

Scale indicators6 records

Recent moves9 records

Expansion highlights5 records

Emerging players

• Vox Royalty Corp. A smaller precious metals royalty company focused on portfolio diversification through acquisition. Comparable to LunR in business model and acquisition-led growth strategy, though currently at a smaller scale and earlier stage.
• Gold Royalty Corp. An emerging precious metals royalty company that went public in 2021. Comparable to LunR as a younger royalty/streaming platform building a diversified portfolio of gold and silver royalties.

Direct peers

• Sandstorm Gold Ltd. A mid-tier gold royalty and streaming company. Closely comparable to LunR in business model (streams + NSR royalties on gold and silver projects). LunR's Controller previously served as Director of Reporting & Finance at Sandstorm, providing a direct operational lineage.
• Osisko Gold Royalties: A mid-tier Canadian precious metals royalty and streaming company listed on TSX. Closely comparable to LunR in size, listing venue, and asset profile (NSR royalties plus streams on gold/silver projects). LunR's projected sixth-largest status positions it directly in Osisko's competitive tier.
• Triple Flag Precious Metals: A mid-tier precious metals streaming and royalty company that acquired Maverix Metals. Comparable to LunR in focus on streaming deals on producing or near-producing mines, with a similar growth-by-acquisition strategy supported by equity currency.
• Metalla Royalty & Streaming: A growth-oriented precious metals royalty and streaming company listed on TSX and NYSE American. Comparable to LunR in size, focus, and acquisition-driven growth strategy; both target accretive tuck-in royalty deals on producing assets.

Broad incumbents

• Royal Gold: A major precious metals royalty and streaming company with a diversified portfolio of streams and royalties. Comparable to LunR in business model and target asset class; LunR's Controller previously worked in Royal Gold's finance function, indicating direct industry lineage.
• Franco-Nevada Corporation: The world's largest precious metals royalty and streaming company. Directly comparable to LunR's business model of holding royalties and streams on producing mines, but operates at vastly greater scale and diversification across hundreds of assets. The benchmark for LunR's growth trajectory.
• Wheaton Precious Metals: One of the largest precious metals streaming companies globally, with a portfolio of long-life streams on Tier 1 mines. Closely comparable to LunR's FDN silver stream business model; uses upfront payments to acquire future metal deliveries at discounted fixed percentages of spot.

Others

• Gold Fields Limited: Although primarily a gold producer rather than royalty holder, Gold Fields has historically transacted in metal streams and royalty-style financing. Included as an adjacent reference point for how producing miners interact with streaming counterparties like LunR.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/lunrroyalties
• LinkedInlinkedin.com/company/lunrroyaltiescorp
• Instagraminstagram.com/lunrroyalties

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds4 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about LunR Royalties